Tether Hires KPMG as Auditor and PwC for Internal Systems Ahead of US Expansion
The world's largest stablecoin issuer brings on Big Four firms as it prepares for increased US regulatory scrutiny
The dual engagement of two Big Four accounting firms represents a dramatic shift for Tether, which has long faced criticism over the transparency of its reserves. KPMG will conduct formal audits while PwC will work on preparing internal systems and controls to meet the standards expected by US regulators.
The move comes as the CLARITY Act reshapes the regulatory landscape for stablecoins in America, creating both new requirements and new opportunities for compliant issuers. Tether's USDT remains the dominant stablecoin by market capitalisation, but its lack of a formal audit has been a persistent concern for institutional investors.
Analysis
Why This Matters
Tether underpins much of the global crypto market. A proper Big Four audit would either validate its reserves or expose problems, either outcome reshaping the stablecoin landscape.
Background
Tether has previously relied on attestations rather than full audits, drawing criticism from regulators and competitors. The CLARITY Act's passage has created new urgency for compliance.
What to Watch
The KPMG audit results will be closely scrutinised by the entire crypto industry. If Tether passes muster, it could unlock significant institutional capital flows.